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Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
 After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the developments regarding the pandemic outbreak and geopolitical tensions to the challenges that the sector is now facing. The considerable slowdown in momentum is evident on rates across the board, with expectations for the remainder of the year being gloomy so far.
During the past months, the steep drop in oil products demand caused by COVID-19 had been overshadowed by the developments on oil supply and prices. When Russia and Saudi Arabia, two of the biggest oil producing countries, engaged in a price war back in April, they flooded the market with millions of extra barrels each day, pushing prices to unprecedented lows. At the same time, demand was collapsing. Contango markets were shaped and encouraged traders to buy and store oil on shore and on vessels like never before. Tonnage availability was tight and freight rates climbed to record levels. Indicatively, VLCC earnings reached as much as USD 280,000 per day during April, whereas the ‘clean’ products trade of LR2 and LR1 ships reached about USD 170,000 per day and USD 115,000 per day respectively.
However, since then, the market woke up to reality of poor demand for products globally, while at the same time the contango play is no longer attractive with oil prices having moved up to much healthier levels. More and more vessels used as storage are now entering the market, when at the same time refineries around the world are cutting production in order to adjust to poor demand. The effects on the freight market are already evident. At the time of this writing, VLCCs are earning USD 40-50,000 per day, LR2s about USD 20,000 per day and LR1s as low as USD 10,000 per day.
Taking into account that oil products account for about 60% of the transportation demand and that many parts of the world are still under lockdown and face travel restrictions, the outlook for the rest of the year is rather challenging. The Energy Information Administration (EIA) estimates that global oil demand will be about 8m bpd lower in 2020 than last year. Major products’ demand such as gasoline and jet fuel are down about 17% and 60% respectively since the beginning of the year and the recovery appears to be slow. In shipping terms, this would be more than 6% decrease in demand for product tankers this year, while the fleet growth in the sector is expected to be about 0.7%.
It seems that for as long as the economic impact from the pandemic keeps unravelling, global demand will remain restricted and uncertainty will keep prevailing in the tanker market, adding more pressure to freight rates as a result.
By Stelios Kollintzas
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 12 February 20
MARKET INSIGHT - INTERMODAL
The recent Coronavirus outbreak in China has led to a global health emergency by World Health Organization and it is yet to be seen how long the ph ...
Wednesday, 12 February 20
CHANGES IN LNG MARKET COULD UNDERCUT PLANS FOR NEW JAPANESE COAL PLANTS - CLYDE RUSSELL
Reuters: Clyde Russell
The collapse in the spot price of liquefied natural gas (LNG) in Asia is a short-term phenomenon that may wel ...
Wednesday, 12 February 20
THE SHIPPING INDUSTRY SEES FREIGHT MARKETS IN A COMPLETE STATE OF COLLAPSE AS DEMAND GETS PARALYZED DUE TO CORONAVIRUS OUTBREAK - ALLIED
With China and the world still trying to contain the effects and come to terms with the Wuhan novel coronavirus outbreak, the shipping industry see ...
Wednesday, 12 February 20
WORLD STEEL PRODUCTION IN 2019 - BANCHERO COSTA
In a worrying development, global steel production slowed down considerably in the fourth quarter of 2019. In the final 3 months of 2019, total cru ...
Sunday, 09 February 20
SUPRAMAX: THE ASIAN ARENA STRUGGLED, A 50,000DWT SHIP FIXING A COAL RUN FROM EAST KALIMANTAN TO INDIA AT $2,000 - THE BALTIC BRIEFING
Capesize
The Capesize market endured another dreadful week of calamitous rate level falls, as the usual season low Q1 period combined with rece ...
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Showing 1141 to 1145 news of total 6871 |
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- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- PTC India Limited - India
- MS Steel International - UAE
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- The University of Queensland
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
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